Ignoring Binance's Warning, SIREN Surges Before Plunging Over 75% in the Past 24 Hours

BlockBeats News, April 1st, the previously exposed whale-controlled Binance Alpha project SIREN started a sharp drop last night. As of press time, SIREN was trading at $0.4084, with a 24-hour decrease of 75.8%. It is worth noting that Binance recently issued a cryptocurrency market maker risk warning and industry guidance, emphasizing that improper market-making behavior may harm market stability and user interests.

The token recently experienced several sharp price fluctuations, with the most recent one occurring on March 28th, when the token surged from around $0.8 to $1.66.

According to previous monitoring by Ember Group, the SIREN token is suspected to be controlled by a single whale holding approximately 88.5% of the circulating supply (about 6.44 billion tokens, worth around $1.44 billion). Some believe that the related address is associated with the market-making institution DWF Labs, which holds about 3 million SIREN in its public wallet. Shortly after a recent transfer, significant consolidation behavior was observed, but this association has not yet been officially confirmed.

BlockBeats reminds users that the related token carries extremely high risks, and users should invest with caution.